Hamilton Lane Advisors LLC Has $50.13 Million Stake in Granite Ridge Resources, Inc. $GRNT

Key Points

• Hamilton Lane Advisors LLC reduced its stake in Granite Ridge Resources by 7.2%, now holding approximately $50.1 million worth of shares, which constitutes 37.0% of its investment portfolio.
• Granite Ridge Resources recently faced a downgrade from a "buy" to a "hold" rating from Wall Street Zen, with a consensus target price of $7.50.
• The company announced a quarterly dividend of $0.11 per share, yielding 8.2%, with a dividend payout ratio of 183.33%, indicating potential concerns regarding sustainability.

Hamilton Lane Advisors LLC cut its holdings in Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) by 7.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,870,023 shares of the company's stock after selling 610,564 shares during the period. Granite Ridge Resources accounts for 37.0% of Hamilton Lane Advisors LLC's investment portfolio, making the stock its biggest position. Hamilton Lane Advisors LLC owned approximately 6.00% of Granite Ridge Resources worth $50,132,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. CWA Asset Management Group LLC boosted its holdings in Granite Ridge Resources by 46.0% in the 1st quarter. CWA Asset Management Group LLC now owns 189,500 shares of the company's stock worth $1,152,000 after buying an additional 59,671 shares during the period. Parallel Advisors LLC lifted its stake in Granite Ridge Resources by 222.4% in the 1st quarter. Parallel Advisors LLC now owns 8,722 shares of the company's stock worth $53,000 after purchasing an additional 6,017 shares in the last quarter. Deutsche Bank AG lifted its stake in Granite Ridge Resources by 37.5% in the 4th quarter. Deutsche Bank AG now owns 33,212 shares of the company's stock worth $215,000 after purchasing an additional 9,055 shares in the last quarter. GAMMA Investing LLC lifted its stake in Granite Ridge Resources by 892.9% in the 1st quarter. GAMMA Investing LLC now owns 7,089 shares of the company's stock worth $43,000 after purchasing an additional 6,375 shares in the last quarter. Finally, American Century Companies Inc. lifted its stake in Granite Ridge Resources by 9.4% in the 1st quarter. American Century Companies Inc. now owns 2,249,990 shares of the company's stock worth $13,680,000 after purchasing an additional 193,912 shares in the last quarter. 31.56% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen cut shares of Granite Ridge Resources from a "buy" rating to a "hold" rating in a research note on Saturday, July 12th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Granite Ridge Resources currently has an average rating of "Hold" and a consensus target price of $7.50.

Insiders Place Their Bets

In other Granite Ridge Resources news, Director John Mccartney bought 5,000 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were bought at an average price of $5.25 per share, for a total transaction of $26,250.00. Following the transaction, the director directly owned 82,117 shares in the company, valued at $431,114.25. This trade represents a 6.48% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Matthew Reade Miller bought 17,000 shares of the firm's stock in a transaction that occurred on Monday, June 16th. The stock was acquired at an average price of $5.98 per share, for a total transaction of $101,660.00. Following the transaction, the director owned 1,261,877 shares in the company, valued at $7,546,024.46. This trade represents a 1.37% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 30,974 shares of company stock worth $175,592. 8.50% of the stock is owned by corporate insiders.

Granite Ridge Resources Stock Performance

Granite Ridge Resources stock opened at $5.38 on Friday. The firm's fifty day moving average price is $5.39 and its 200-day moving average price is $5.53. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.32 and a current ratio of 1.32. The stock has a market cap of $706.13 million, a P/E ratio of 22.42, a price-to-earnings-growth ratio of 0.77 and a beta of 0.35. Granite Ridge Resources, Inc. has a fifty-two week low of $4.52 and a fifty-two week high of $7.00.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.02). The company had revenue of $109.22 million for the quarter, compared to analysts' expectations of $109.69 million. Granite Ridge Resources had a net margin of 7.47% and a return on equity of 13.09%. On average, equities research analysts expect that Granite Ridge Resources, Inc. will post 0.52 earnings per share for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be given a dividend of $0.11 per share. The ex-dividend date is Friday, August 29th. This represents a $0.44 annualized dividend and a dividend yield of 8.2%. Granite Ridge Resources's dividend payout ratio (DPR) is 183.33%.

Granite Ridge Resources Company Profile

Granite Ridge Resources, Inc operates as a non-operated oil and gas exploration and production company. It owns a portfolio of wells and acreage across the Permian and other unconventional basins in the United States. Granite Ridge Resources, Inc is based in Dallas, Texas.

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